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Dipsy doodle

- Macro viewpoint: Dipsy doodle "Perhaps the biggest concern is in the housing market. In the past week, new home sales plunged 32.7% to a 300,000 annual pace in May. This is the weakest level of sales in the 47 year history of the series. Clearly, the housing market remains deeply depressed.
- Fed watch: Launching QE II? "The June FOMC statement did not contain any surprises. But reading between the lines, some investors are asking: does the Fed now expect a double-dip or deflation? We think not, but are somewhat concerned about its policy options should either occur.
- The week ahead: Waiting for nonfarm Friday "With the capital markets on pins and needles, next week’s bevy of economic data is particularly critical. The main event will be Friday’s employment report. We expect private nonfarm payrolls to advance 150,000 in June after a disappointing 41,000 increase in May. With the Census employment rolling off appreciably, headline nonfarm employment is expected to decline by 100,000, and the
unemployment rate is expected to tick up to 9.8% from 9.7%.
Merrill Lynch US Economic Weekly 20100625

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